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with a crisis on his plate. the dutch finance minister is expected to be named the next head of the euro group later today. the former president is stepping down after eight years on the job. a man replacing him is virtually untested, but he is the only candidate for the job. >> the dutch finance minister looks set to take on an extra job. he has only just become a minister in his own country but he emerged as the candidate from a small country that is a proponent of unpopular budgeting. >> there seems to be a few basis, a new basis for trust, and we have to work to enhance it and strengthen it and to build new growth in jobs on that basis of trust. that is as short as i can say of what needs to be done in the euro group. >> goodbye to the head of the finance minister since 2005. he spent most of his time deal width democratic crisis and says he is eager to understand that over to somebody else. but apart from designating a new head little else of substance is on the agenda. tell leave a pressing decision on a bail out for cyprus until after elections there. >> since i heard the president has
is expected to be named the next head of the euro group later today. the former president is stepping down after eight years on the job. a man replacing him is virtually untested, but he is the only candidate for the job. >> the dutch finance minister looks set to take on an extra job. he has only just become a minister in his own country but he emerged as the candidate from a small country that is a proponent of unpopular budgeting. >> there seems to be a few basis, a new basis for trust, and we have to work to enhance it and strengthen it and to build new growth in jobs on that basis of trust. that is as short as i can say of what needs to be done in the euro group. >> goodbye to the head of the finance minister since 2005. he spent most of his time deal width democratic crisis and says he is eager to understand that over to somebody else. but apart from designating a new head little else of substance is on the agenda. tell leave a pressing decision on a bail out for cyprus until after elections there. >> since i heard the president has ruled out every form of privatization, i am in a b
the revised opening date of october this year. over one billion euros more could be needed for the project. it was one disaster to many for klaus wowereit. after a crisis meeting, the mayor of berlin resigned from his post. he has come to represent the continued failure of a project which has been delayed yet again. wowereit not give any information about when the airport will finally be open for business. >> a new deadline cannot be given at the moment, as we have made clear. it will be considered by the supervisory board. work on that will be continued as before, but further steps need to be taken before a new deadline can be given. >> the board has reportedly known about the delay for weeks. wowereit's opponents are not happy about that. some say it is time for him to go. >> at this point, it must be said that klaus wowereit is no longer fit for the job, especially if it is true that he left the public in the dark for weeks, leading as a -- leaving us a disaster that will cost hundreds of billions of euros or more. >> beyond 2014, there is little indication when the new hub might open i
opening date of october this year. over one billion euros more could be needed for the project. it was one disaster to many for klaus wowereit. after a crisis meeting, the mayor of berlin resigned from his post. he has come to represent the continued failure of a project which has been delayed yet again. wowereit not give any information about when the airport will finally be open for business. >> a new deadline cannot be given at the moment, as we have made clear. it will be considered by the supervisory board. work on that will be continued as before, but further steps need to be taken before a new deadline can be given. >> the board has reportedly known about the delay for weeks. wowereit's opponents are not happy about that. some say it is time for him to go. >> at this point, it must be said that klaus wowereit is no longer fit for the job, especially if it is true that he left the public in the dark for weeks, leading as a -- leaving us a disaster that will cost hundreds of billions of euros or more. >> beyond 2014, there is little indication when the new hub might open its doors. >>
the european politicians and believing in the euro project, are you? >> well, i was. breaking up, wouldn't be here -- >> you're going to tell me that you're convicted on the aussie/dollar. >> no, i'm not convicted. i'm admitting that i've been wrong. we think aussie is terribly overvalued and that's the problem, frankly. >> good to have you on. plenty more to come from you. the ecb is going to keep its interest rates at a record low today. that's what we expect, anyway. the markets will be listening to the delivery tone of mario draghi's delivery. silvia wadhwa is back at her delivery post. 2013 [ speaking foreign language ]. >> everything is going to stay the same. the ecb hasn't got anything to do right now. they've pretty much said everything on track, probably the best, cheapest intervention they had so far was the program. every month announced again. we stand ready to act, but so far they haven't had to do anything because nobody has asked for an omt program yet. but the market believes that the ecb is there as the backstop. so far, that was very successful. in terms of anything el
. they're about to repay hundreds of millions of dollars in emergency loans sending the euro to a 11-month high. currency investor axle merck says the euro could be the rock star this year. he is here to explain. tracy: this blowup capsule the future of space? you heard it about had here first last week. the head of the company that makes nasa's new experiment will tell us how the thing works. and how it is expandable as to inflatable. ashley: there is your space lab right there. tracy: but it is top of the hour. time for stocks as we do every 15 minutes. nicole petallides on the floor of the exchange. >> all right. good way to kick off the hour. let's just get to the markets. i think we'll save ourselves. let's take a look here at the dow, the nasdaq and the s&p. as we noted we've been sitting here at five-year highs and not too far off all-time highs. look at dow industrials. 13,881. you are. our high of the day was 13,887. these are the highest levels we've seen in five years. of course our all-time high, there it is right on cue, closing high, 14,164 and change. we're not too far
the current si markets. how is the yen trading ahead of all of this. >> the dollar/yen and the euro/yen, of course, the yen has been a primary factor in the week's rise. 44 to 66, compared it was add ri -- revised before the euro/yen. we have 1.33, comparing to the euro/yen. we may just see the nikkei and the euro/yen trading at a narrow range. >> thank you, ramin mellegard, from the tokyo stock exchange. the nikkei with a gain of one-tenth of a percent. >>> they have voted toyota camry the car of the year. domestic makers dominate the market. representatives from the japanese automaker collected the trophy for the u.s.-built sedan at a ceremony in seoul. the journalist praised the car's price competitiveness. it beat 44 models introduced last year, including vehicles by south korea's kindai. they recently began shipping cars from the u.s. to south korea. our free trade agreement between the countries have slashed terrorist. >> honda and other japanese automakers have also increased ship makers from the u.s. to south korea. south korea is continuing to buy cars for their friendly te
markets in europe. perhaps we're seeing a special case of that in europe. >> do you expect the euro to remain weak for the rest of the year? >> i expect the eurozone crisis to remain weak. people will look carefully at special situations across europe. >> and best performer of 2013? >> it's impossible to tell. let's say the whole of the market. >> very diplomatic answer there. david simple sop, thank you very much for coming by. some hopeful signs there. straight ahead on the program, talking of hopeful signs, our next guest is at u.s. oil production not seen since the 50s. what does it mean? we'll explore that when we come back. . >>> welcome back to "worldwide exchange." these are your headlines. the bank of japan steps up its easing agenda under heavy government pressure, doubling its inflation target and promising open ended qe starting next year. >>> president obama lays out a vision for his second term in his innagul address. >>> and this is the face of the new mr. euro. earlier, we had a nine to one ratio of decliner toes advancers.inaugural. earlier, we had a nine to one rat
the australian dollar, canadian dollar, singapore dollar and the euro will be the strongest currencies going forward. the reason is -- david: as good as gold though? >> gold will be the best every time. no question about that because even the australian reserve bank which i would say australia is a very strong currency, a lot of inflows in the small capital market, but even they, the reserve bank of australia cutting rates. they are all going to go down somewhat against gold but on a relative basis some currencies will do better than others. >> where does the u.s. dollar fit into all of this, michael? >> we're going to see i think a year of two halves of the u.s. dollar. first half of the year, continued dollar weakness. the second half of the year i think we will see the dollar gain some ground against the euro, certainly against the yen. david: michael, one thing that scares a lot of people, we saw at different times where one country tries to make its export goods cheaper by devaluing their currency and its neighbor will try to do the same and there will be a war back and forth and eventu
in the euro zone picture than fundamental change in europe. second, there's a crisis that competitiveness is other nations across the world sora had. and third, there is a gap between the e.u. and its citizens which has grown dramatic way in years. it is democratic accountability in consent that is yet particularly cute way if we don't address these challenges, i do not want that to happen. i want the european to be a success and the relationship between britain and keeps sna. that is why i'm here today to acknowledge the nature of the challenges we face and to set out how i believe the european union should respond to them and what i want to achieve for britain in its place within the european union conservative nature of the challenges for me. there are some serious questions that will define the future of the european union and the future of every country within it. digging in is changing to help fix the current scene that has profound implications for all of us, whether in the single current era not. britain is not in the single currency and are not to be. when you do yours don't have
is concerned about europe's debt crisis. it is calling for too much as 50 million euros in investment paid for by a tax on the wealthy. >> it would be an affordable contribution that would greatly help the people of europe. >> the unions know that the left of central liberal democrats support the plan. other parties will be hard to convince. >> in a moment, we will look back at the shipwreck a year ago. first, a look at headlines across the world. the berlin mayor has survived and a -- a vote of no- confidence. he has agreed to step down as head of the supervisory board. the greek parliament has approved tax hikes led to bring in an extra 2.5 billion year rose in the next 8 years. there is a new -- 2.5 billion euros in the next two years. clashes in the northern ireland capital of belfast continue. rocks and bombs were thrown at police who responded with water canyons -- water cannons. the process were against limiting the days been british flag flies outside city hall. there were more than 4000 people on board the costa cord ia when it crashed one year ago. many people are still coping wi
at your local suby today! subway. eat fresh. chance to take part in and not euro parade is a once-in-a-lifetime opportunity. the high school band was preparing for the time in the spotlight. the entry in the inaugural parade was ballou high school in southeast. practiced was paid for by an excited alumni. >> i am very excited. >> this is a good feeling. my first same being in an inauguration parade. this one was special. a great day, right? be excited, to right? >> after breakfast, time to suit up and rehearse. back at ballou high school, they went over the songs and got .heir uniforms lots of anticipation. they finished and headed to the buses. hours later, they made it to destination, pennsylvania avenue. ♪ to any school, it is special not euro parade. for ballou, it has happened twice. -- in an inaugural parade. , it has happened twice. >> they did a great job.
news, we'll get to that. reaction to the economics in the euro, as you were. >> a reminder, europe can be somewhat close to zero this year, output same as last year, maybe down if we get a decent follow in from the states, maybe clawing back to zero. with the gap between the two, the divergence is the greatest that i've seen since the start of the euro in the '90s. so this is not improving. >> economic divergence is great. market performance is something entirely different. >> yeah. money has to go somewhere. investors, investors around the world are looking for yield. the u.s. investors are looking for yield most of all. they sell the dollar, they buy stuff with yield. this morning, if -- if italian government debt has more yield than other things, then apparently that's just the job. so the euro is likely to go up to 1.34 against the dollar in this move. dollar/yen higher, equities higher. a risk on morning without anybody overthinking it. >> exactly. with the yields being slightly lower than they were this morning as part of that move. the house of representatives passing a bill lat
higher on the bund yields. sannish yields back over the 5% mark. on the currency markets, euro/dollar is at 1.3361. dollar/yen pulling away from its nine-month highs at 88.70th at the moment, as well. that's where we stand in europe. sixuan has more for us from singapore in the asian session. >> sure. thank you, ross. asian markets were a bit of a mixed bag. the shanghai composite gained .6% after yesterday's 3% job. since then, numbers were boosted by china's top security official who said beijing could lift the quota for investors to invest in the mainland markets by as much as nine times. environmental stocks surged. aerospace stock took off on an upbeat industry outlook. the hang seng finished marginally in the red. oil majors and telcos were the market laggers. persisting weakness in the yen boosted exporters. meanwhile, in technology shares wait on south korea kospi ending lower with 1.2%. in australia, the asx 200 ended just a touch below the line. miners were weaker. more on that from our guest later in the show. back to you, ross. >> thanks for that, swish won. catch y
. cheryl: one of the things we look on a daily basis during the market hours is what the euro is doing versus the dollar. always surprised me that the euro never went below like a $1.22 or so against the dollar. now you have the pound. i know you don't like the pound. so i'm curious kind of how you're playing that over in europe right now. >> it's been very interesting. just a year ago, everybody thought that the euro was going dramatically lower, sub 120, 115. i think the major aspect to that is what was it in relation to? we were talking about it in relation to the dollar, and the fed kept on printing money. and the ecb in contrast really has not printed money. they are not injecting new funds into this, whereas what i think is going on with sterling, you know, they are going to probably be the brink of triple dip recession come this friday in the fourth quarter gdp figures. their economy is not doing very well. they will probably have to stimulate that economy going forward. and probably talk about further asset purchases out of them over the next couple of months. cheryl: i have pl
bankrupt. very soon if the entire country had gone bankrupt. due to the structure of the euro zone where countries without a central bank behind them needed -- bailout of the banks and where the banks needed to continue lending money to bankrupt states, -- there was a domino effect because of the banks that were untrustworthy and the untrustworthy countries that they were associated with. this was the point in which the european union refused to realistically look at the situation. they decided that it was better to act, that it was just a crisis of public debt, and they did not -- instead of accepting that they had a poorly designed a currency union, they decided to implement austerity packages to ponte economies that were on the brink of bankruptcy. securing their default, in this way they created a recession that was not necessary for us to have. and they insisted in doing. at the cost, at great human co cost. and at a terrible cost for democracy. ladies and gentlemen, understanding here before you today, and i'm very sorry, but i'm going to say but i have to say this, none of these l
of the health of the joint european currency, the euro. and whether, in fact, the european union as it has come to be known would remain with one of its largest members. prime minister david cameron earlier this week dropped a bomb that he was going to later in this parliamentary term in a couple of years put britain's continued membership in the european union to a vote. and right now the union is not very popular among british politicians. so perhaps feeling the heat at home, cameron is responding this way? >> and what about the relationship with angela merkel of germany who put a tremendous amount of her own personal credibility on the line to help prop up the currency? >> well, you know, britain has long brideeled-- bridled under the rules that accompany its membership in the european unionment and david cameron has been hinting that the price of staying might be negotiating a better deal for his country in some of the areas that the european union governs. >> well, angela merkel and other european politicians in response have said, wait a minute, britain can't work out os own special deal.
of the health of the joint european currency, the euro. and whether, in fact the european union as it has come to be known would remain with one of its largest members. prime minister david cameron earlier this week dropped a bomb that he was going to later in this parliamentary term in a couple of years put britain's continued membership in the european union to a vote. and right now the union is not very popular among british politicians. so perhaps feeling the heat at home cameron is responding this way? >> and what about the relationship with angela merkel of germany who put a tremendous amount of her own personal credibility on the line to help prop up the currency? >> well, you know britain has long brideeled-- bridled under the rules that accompany its membership in the european unionment and david cameron has been hinting that the price of staying might be negotiating a better deal for his country in some of the areas that the european union governs. >> well angela merkel and other european politicians in response have said, wait a minute britain can't work out os own special deal. the
central bank will take full action in coming months. let's take a look at the euro because earlier this tokyo it hit the highest level. let's take a look at other markets in the asia pacific. the kospi is trading down at 1,998. australia is trading higher at 4,728. u.s. president barack obama says republicans have to do what he calls the right thing on raising the debt ceiling. he says if they don't the u.s. faces a federal default and confusion in financial markets. >> the republicans can act responsibly and y amica' bills or put america through another economic crisis. >> obama says raising the debt limit is necessary for the government to meet its obligations. he said he's willing to compromise on cutting the budget deficit but not in exchange for increasing the debt ceiling. the u.s. government has reached a borrowing limit set by law but republicans continue to reject an increase without spending cuts in social security and other programs. now it's not the first time the u.s. has faced such a stand off. in the summer of 2011 the government and coness mained at odds over raisin
. the euro hit the 118 level for the first time in 20 months. that pair is changing hands at 118.10 to 15. market participants say worries about the debt situation in the euro zone has eased due to positive comments on the regional economy from the european central bank president. let's see how this is affecting the stock market. the weaker yen is prompting export on stocks. let's take a look at how other markets in the asia pacific are performing. south korea's kospi trading modestly in the negative down about .10 of a percent. look likes a bit of a mixed picture today. over in the united states president obama had revealed his nomination for his treasury secretary. his chief of staff jack lew is poised to replace timothy geithner. >> over the years he's built a reputation as a master of policy who can work with members of both parties. jack has my complete trust. i hope the senate will confirm him as quickly as possible. >> mr. president, i look forward to continuing the challenges ahead. >> lew is 57 years old. he's well versed in financial policy. he served as director of the office o
. >> japan is facing a $255 million euro loss for philips. >>> cutting a key interest rate by 25 basis point is the bank of india. >>> and the boj is keeping tune rate until there's a significant drop in unloimt. >>> and ahead of today's parliamentary hearing, italy's economic mip sister takes grilli takes center stage. >>> all right. reunited. back together. >> so nice. >> you know that song? >> i sang that to you the last time. we've had a couple of reunions and a series of time spent apart. >> how are things sthp. >> they are great here. how was davos? >> so far, gone, in the distant memory. don't worry about it for another year. plenty to worry about today, though. >> korea. >> on today's show, plenty of good stuff coming up. we're going to be in madrid as the prime minister is reportedly releasing a plan to relief some of the pain of austerity. >> then it's south korean steel giant posco reporting quarterly earnings today. we'll have the latest live from seoul at 10:15. and it's day one of the fomc meeting. economists are awaiting more clues from the stimulus program. we'll be live in n
in the euro? > > we are seeing a weak dollar, but also we are seeing some strength in the european markets. again, there was some news about spain, some concern about their gdp; but for the most part, i think that the overall consensus right now is just that things are looking up a little bit across the board for the most part. so, i think that optimism is spreading a little bit. we haven't really seen the dollar come off yet, but i want to point out while the euro is inching its way up to that $1.36 level, this is really just a test of upper levels that we saw last year. we need to see some follow- through, some conviction, before i am really buying into it. again, i think right now it is just a test of the upper extreme. > it's good to have your thoughts ben. thank you. > > thank you. the maker of the blackberry, the smartphone that once dominated the market but has since been replaced, has hopes for a comeback with the launch of a new line of phones. our cover story takes a look at immediate reaction to the phone and the dream. with all the i.t. and marketing flair we've come to expect
different. this stay in business. guess what, the euro hit the world stage. you remember this? eleven european countries can together to create the world's second largest economy with nearly 300 million consumers. it closed at a dollar. did not stay that way. the euro consists of eigt. and silver paper bills with $0.77 for every dollar. currencies replaced by the euro include the french franc, italian lira, and the german deutsche mark. for those of you curious, it was not accepted until two years later because it failed to meet all the required conditions like being solvent. they probably should have read thought that decision entirely. made its debut on the stay in business january the fourth 13 years ago today. the investors sick of other people making decisions for them they stop believing in mutual funds. the truth behind these next. ♪ grew up in a small town and when the rain would fall down ♪ ♪ i'd just stare out my window ♪ ♪ dreaming of what could be and if i'd end up happy ♪ ♪ i would pray i could breakaway ♪ ♪ i'll spread my wings and i'll learn how to fly
the dollar. concern about the strength of the euro overall could be a threat. undercurrent to the u.s., which looks like to be a negative one. >> the big macro, everything out of japan, not so great. but the united states banking story, i think, is as you mentioned, carl, is it a real u.s. economy, what is the read on it. people are doing better. and this is a section that was terrifically performing in the s&p last year. and you could argue, wait a second, it's run ahead. but it's not selling off today. i thought people thought it would sell off. we're not getting that kind of judgment. >> a lot of up moves on the back of goldman sachs earnings. take a look at the financials. [ bell ringing ] >> taking a look at the open here. no surprise. oh, look, apple is higher by 1.9% in today's session. helping the nasdaq in an up trend. cutting apple to set to perform. a lot of the reasons we heard before, but apple will have bottomed, either yesterday, or today. calling the bottom in shares of apple. remember, on the way up, in september, they're worried about the impending pop on apple. making the m
cliff, is euro going to explode, so many covers of the euro bursting into flames. >> is japan going to get washington, d.c. into the sea or will this incredible debt burden just crush them? and the fact is that for the last four years, all of those risks, every single one has been overstated, overstated by people in the marketplace. emerging markets are actually much more unstable than that and yet. >> they are thought unstable. >> they are responsible to for two-third of the world's growth, about three quarte by e e of the decade, and yet these are countries that are much more volume tile, volatile and much more opaque. >> rose: let's talk about who they include, china, india, brazil, and turkey and -- >> some of them are doing reasonably well, some include the bricks but three of the bricks bricks are facing head wind greater than we have seen in the united states, not brazil, which is developing increasingly becoming more regularized but in the china and russia, and i go back to the beginning. >> ros the risk is what going to hpen to them? >> the risks are different for differen
long. euro/dollar, who cares about that one today? let's talk more about china. we'll head out to hong kong for in-depth analysis. intel giving investors the jitters with a disappointing forecast and a massive increase in capital spending. we'll look at those figures just after 10:20 central european time. 16 minutes later, we'll head out to bangor to talk to the ceo of wipro. >>> and the hostage crisis continues in algeria. we'll have the latest news right after the break. stay with us. what are you doing? nothing. are you stealing our daughter's school supplies and taking them to work? no, i was just looking for my stapler and my... this thing. i save money by using fedex ground and buy my own supplies. that's a great idea. i'm going to go... we got clients in today. [ male announcer ] save on ground shipping at fedex office. >>> welcome back to the program. a spokesman for the british foreign office says the uk government has received no words that the hostage crisis in algeria is over. most of the reports suggests dozens might have been killed during a rescue operation carried out
policy response generally to the european union, the euro project, i should say. we have the euro group separately meeting. we have this little issue of cypress. in terms of gdp, it's little. politically, though, it could be much more significant. tie this altogether for us. how important is an essential change of power in germany to these continued effort to resolve the crisis in cypress or other member states? >> i think the key issue is that germany is a big importer from spain, italy and the periphery. if the german numbers weaken, we'll see that later in a periphery. >> especially through spain. >> ultimately, this is really an economic story. the periphery are a lagging indicator of what's going on in germany. my concern is sooner or later, these peripheral equity may start to be under pressure again. what are your positions on debt? >> i think at this stage we're still comfortable with the core. the reason, there's probably another risk off take his. whatever the reason behind it, it tends to protect the periphery, not the core. for example, france continues to perform very, very
equities at a five-year high, the euro rallying so prices being lifted by this different influences. melissa: thanks for coming on. we have another truth even if it is not what you want to hear. he made it sound good even though it is bad news. lori: anybody can understand behind the price target. that is a given. it makes it a little bit easier to digest. melissa: it still does not ease how much you're paying at the pump. facebook fourth-quarter peak district of the downgrades roll in. if the company's strategy working? lori: and the drugmakers, the big pharma names. stocks getting beaten down. and competition from generic. but there is still reason to be optimistic. next. . ... melissa: time for stocks now as we do every 15 minutes. let's head to the floor of the new york stock exchange and our own nicole petallides. what have you got. >> i'm looking at a market here that has been somewhat mixed. nasdaq is managing to squeeze out gains the dow dropped below 13,900. some names names weighing on the dow, united health care, bank of america. market breadth actually as i look at it, a
kellogg has disturbing job news from london tonight. >> the euro zone unemployment average reached all-time high of 11.8%. up from 11.7 in october. in country like italy, the situation is particularly dire. youth unemployment registered to 37%. >> here they are lined up with jobs accusation center. >> i don't have any trust in my country. absolutely not. no way out. we have our backs against the wall. either you leigh, if you stay here you are condemned. >> some blame the austerity measures that led to violence across the continent for aggravating the employment situation. greater unemployment comes diminished spending power so you get a vicious circle. still, despite the fact that improvements aren't happening quick enough. the leaders of the 27 countrys leaders from the different political parties learned to reach con ken sus. for example on banking union. >> the leaders have come together to change the system in ways they hope will not only stabilize the euro but lead to longer term growth. >> the euro zone need to do more to convince investors they are business friendly. unless it
of the euro currency. boy, we went from basically trading a 133, now to trading 131, and today is a big down day. one market that actually is getting a little bit of a breath, but nothing on the scale of what the dollar and some of the other currencies are gaining on the euro, the dollar/yen. the yen has improved marginally today. but we're still on 87 handle on the dollar versus the yen. you want to pay attention to foreign exchange. we still have some other data today. the minutes we'll get later will be scrutinized, especially considering, you know, federal reserve and how it figures into a post-cliff presealing debate. >> i'm glad you brought up the euro. dennis gartman did that earlier this morning and we didn't talk about it at the time. what do you think is happening? why has the euro turned around here? >> well, to me, i think that what the euro represents, or what the relationship between the euro and other currencies represent continues to be exaggerated by shifts in the ultimate dynamics of trying to score the economy. then you had in the big position growth that we've seen, and t
major challenges confronting us today. first, the problems in the euro zone are driving fundamental change in europe. second, there is a crisis of european competitiveness as other nations across the world sort ahead. and third, there is a gap between the eu and its citizens which has grown dramatically in recent years. and which represents a lack of democratic accountability in consent that is, yes, felt particularly acutely here in britain. if we don't address these challenges, the danger is that europe will fail and the british people will drift towards the exit. i do not want that to happen. i want the european union to be a success. and i want a relationship between britain and the european union that keeps us in it. that is why i am here today. to acknowledge the nature of the challenges we face, and to set out how i believe the european union should respond to them. and to explain what i want to achieve for britain and its place within the european union. so let me start with the nature of the challenges we face. first, the euro zone. the future shape of europe is being forge
, the euro, we should note, is hitting 11-month highs against the u.s. dollar. marginal changes on a percentage basis. a road map this morning starts off with apple. even more doubts about the demand for the iphone 5 sending shares below. >> did you see your paycheck on friday? the payroll tax hike obviously kicking in for many americans. felt like a pay cut. will this be a temporary shock or a headwind as stocks hover at five-year highs. >> ubs achoirs tnt after a commission throws up road blocks. >>> to the top story. in the pre-market, we've seen apple shares fall below $500 for the first time in 11 months. the tech giant has cut its orders for iphone 5 components because of weaker than expected demands. screen orders for january to march quarter have fallen about half. the company had planned to order. apple said to cut orders for components other than screens. now, jim, we've had sort of this concern about demand for the iphone 5. i think last week when deutsche bank came out with the note from the japanese team, specifically citing this very issue, that's when the concerns
with the euro crisis, then you have something that is a shock that would not be systemic become systemic and threaten the entire system. the only thing that is truly liquid is cash. the vast majority of us banks today -- u.s. banks today and european banks would already be compliant with these rules. i would go as far as to say that bear stearns would have in compliance with these rules, for instance. , what about taking a chance on the lottery? it has paid off for a couple of people in spain. winning ticket holders have seized more than $1 billion in the national lottery. they have been celebrating their luck. the top ticket was around $260,000. new austerity measures mean they will pay 20% income tax on their winnings. >> great, great, now i'm fine. i was very nervous a while ago, but now i finally believe it. , i have three sons and they are unemployed, so i will help them. this will make me happy, to be able to help my dearest ones. >> i'm very excited because i really needed this. now that i have one, i am very lucky. , orthodox christians are celebrating christmas. they gathered in
countries of the euro zone hit a record high in november according to figures released under an hour ago. nearly 12% of 330 million people in 17 countries were unemployed. that means 19 million people are jobless. 2 million people at the same tired year ago. the european economy has been struggling with huge debts in the aftermath of the global banking crisis. rebels in northern myanmar say the army is continuing its air and ground assault against them. we have obtained these pictures of the fighting. the military reportedly attacked hilltop positions belonging to the independence army on monday. the only ethnic minority group that has not reached a truce with the government. the chinese government is reportedly looking to stop using controversial labor camps that critics say violate fundamental rights. the system has been used for years to silence political opponents. it allows chinese authorities to keep citizens locked up for years without charge or trial. now this report. >> with word of what could be a momentous decision, this man, supported by his wife, slipped away from authoritie
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